Futures trader on ice

Press, 12 July 1988, Page 27

Futures trader on ice

Goldcorp Futures has been suspended from operating on the New Zealand Futures exchange. The company’s parent, Goldcorp Holdings was put in receivership by the Bank of New Zealand yesterday. The NZFE’s marketing manager, Mr Lincoln Gould, said the futures operation had been suspended, pending the result of the receivership.

“There was an emergency meeting of the board and the decision was made to require Goldcorp Futures to arrange the transfer of its clients open positions to another trading member of the exchange.’’ It is understood that Goldcorp Futures did not have a large number of clients, compared with other exchange members. It is also understood that Goldcorp was in the process of selling its seat on the NZFE. The going rate for such seats is from $200,000 to $350,000. The sale, to Citicorp, would be conditional to membership being approved by the exchange. .-Such permission can take

more than three months. A similar situation confronted Marshall Futures, which was placed in receivership when its parent company, Marshall Equities, fell on hard times. Although the seat was sold to Trustbank holdings quite promptly, the deal was not approved by the NZFE for more than two months. SUS CONTRACTS Mth Open H/L Last Vol Jul 14808 865/680 607 12 ' Dec 15179 179/179 179 2 Contracts traded: 14. Open positions at July 8: Jly 183, Aug 7, Sep 34, Dec 27, total 251 (up 20). COMMERCIAL BILLS Mth Open H/L Last Vol Contracts traded: Nil. Open positions: Nil. GOVERNMENT STOCK Mth Open H/L Last Vol Contracts traded: Nil. Open positions at July 8: Sep 341, total 341 (down 6). GOVERNMENT STOCK 11/93 Mth Open H/L Last Vol Sep 8738 739/734 735 509 Contracts traded: 509. Open positions at July 8: Sep 4052, Dec 2, Mar 77, total 4131 (up 323). WOOL Mth Open H/L Last Vol Aug 615 615/615 1

Contracts traded: 1. Open positions at July 8: Aug 136, Oct 66, Dec 70, Jan 1, Mar 3, total 276 (down 5). 90-DAY BANK BILLS

Contracts traded: 164. Open positions at July 8: Jly 674, Aug 406, Sep 730, Dec 423, Mar 105, Jun 19, Sep 7, total 2364 (up 94). SYDNEY ALL-ORDS (half-points omitted) Prev. Mth close H/L Last Vol Sep 1630 647/631 647 1039 Dec 1654 23 Contracts traded: 1062. Open positions at July 8: 2492 (up 297). BARCLAY’S SHARE INDEX Mth Open H/L Last Vol Sep 2045 064/035 2062 29 Contracts traded: 29. Open positions at July 8: Sep 144, total 144 (up 6).

Mth Open H/L Last Vol Jly 8530 540/525 535 38 Aug 8538 544/535 540 . 65 Sep 8550 554/545 551 51 Dec 8580 585/580 585 10